Ascent Solar Secures New Equity Investment - Quick Facts

(RTTNews) - Ascent Solar Technologies, Inc. (ASTI) announced it has entered into two definitive agreements to raise $35.0 million from an accredited private investor. Pursuant to the agreements, the company will issue up to $2.8 million of a principal amount of the company's newly designated Series E 7% Convertible Preferred stock. At its option, the company has the right to sell to Investor, and Investor is obligated to purchase from the company, up to $32.2 million of the company's common stock, subject to certain limitations, from time to time, over the next 36 months.

"The new funding will not only provide us with ongoing working capital but also will be an important part of our ongoing restructuring exercise of our outstanding senior secured notes which we announced in September and October of 2015," said Victor Lee, President and CEO of Ascent Solar.